Budget set of a consumer is defined as:

The budget set is the collection of all bundles that the consumer can buy with her income at the prevailing market prices. Budget set depends on 2 factors: consumer's money income and price of good 1 and good 2. At the given prices, budget set includes all those consumption bundles which cost less than or equal to his income. P₁x₁ + p₂x₂ ≤ M, where x₁x₂ = quantity of good 1 and good 2, P₁ and P₂ = Price of good 1 and good 2 and M refers to money income of the consumer.